Question

Sold goods to yogesh at list price of rupees 15000 for rs 14000

Answer 1

Explanation:

Journal entry for Bought goods of list price ₹15000 from Ravi at trade discount 10% and 2 % cash discount and paid 40% amount by cheque will be;

___________________________

Purchase a/c dr 13500

to Bank a/c 5,292

to discount a/c 108

to ravi a/c 5100

(being goods purchased and 40% amount is paid by cheque to avail discount of 2%)